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Side-by-side financial comparison of Falcon's Beyond Global, Inc. (FBYD) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
Madison Square Garden Entertainment Corp. is the larger business by last-quarter revenue ($424.8M vs $6.6M, roughly 64.5× Falcon's Beyond Global, Inc.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs -4.5%, a 26.3% gap on every dollar of revenue. On growth, Falcon's Beyond Global, Inc. posted the faster year-over-year revenue change (383.5% vs 12.5%). Over the past eight quarters, Falcon's Beyond Global, Inc.'s revenue compounded faster (108.4% CAGR vs 48.9%).
500 Global is an early-stage venture fund and seed accelerator founded in 2010 by Dave McClure and Christine Tsai. The fund admitted a first "class" of twelve startups to its incubator office in Mountain View, California in February 2011. They expanded to a second class of 21 in June 2011 and a third class of 34 in October 2011. 500 Global has $2.3 billion in assets under management (AUM) as of March 2024.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
FBYD vs MSGE — Head-to-Head
Income Statement — Q4 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $6.6M | $424.8M |
| Net Profit | $-296.0K | $92.7M |
| Gross Margin | — | — |
| Operating Margin | -30.9% | 38.6% |
| Net Margin | -4.5% | 21.8% |
| Revenue YoY | 383.5% | 12.5% |
| Net Profit YoY | 97.5% | 22.2% |
| EPS (diluted) | $-0.01 | $1.94 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $6.6M | $424.8M | ||
| Q3 25 | $4.1M | $154.1M | ||
| Q2 25 | $2.5M | $145.1M | ||
| Q1 25 | $1.7M | $206.0M | ||
| Q4 24 | $1.4M | $377.6M | ||
| Q3 24 | $2.1M | $134.1M | ||
| Q2 24 | $1.8M | $177.6M | ||
| Q1 24 | $1.5M | $191.6M |
| Q4 25 | $-296.0K | $92.7M | ||
| Q3 25 | $-10.4M | $-21.7M | ||
| Q2 25 | $25.1M | $-27.2M | ||
| Q1 25 | $-8.1M | $8.0M | ||
| Q4 24 | $-11.9M | $75.9M | ||
| Q3 24 | $39.3M | $-19.3M | ||
| Q2 24 | $8.0M | $66.9M | ||
| Q1 24 | $114.0M | $2.8M |
| Q4 25 | -30.9% | 38.6% | ||
| Q3 25 | -90.9% | -19.3% | ||
| Q2 25 | -53.0% | -17.7% | ||
| Q1 25 | -371.1% | 13.3% | ||
| Q4 24 | -335.6% | 36.8% | ||
| Q3 24 | -118.9% | -13.8% | ||
| Q2 24 | -195.9% | -5.0% | ||
| Q1 24 | -350.5% | 8.8% |
| Q4 25 | -4.5% | 21.8% | ||
| Q3 25 | -256.8% | -14.0% | ||
| Q2 25 | 985.2% | -18.7% | ||
| Q1 25 | -473.8% | 3.9% | ||
| Q4 24 | -871.7% | 20.1% | ||
| Q3 24 | 1899.5% | -14.4% | ||
| Q2 24 | 446.5% | 37.7% | ||
| Q1 24 | 7521.4% | 1.5% |
| Q4 25 | $-0.01 | $1.94 | ||
| Q3 25 | $-0.13 | $-0.46 | ||
| Q2 25 | $0.30 | $-0.56 | ||
| Q1 25 | $-0.13 | $0.17 | ||
| Q4 24 | $-0.25 | $1.56 | ||
| Q3 24 | $0.39 | $-0.40 | ||
| Q2 24 | $0.00 | $1.32 | ||
| Q1 24 | $1.27 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9M | $157.1M |
| Total DebtLower is stronger | $15.6M | $554.6M |
| Stockholders' EquityBook value | $11.9M | $36.0M |
| Total Assets | $66.7M | $1.8B |
| Debt / EquityLower = less leverage | 1.31× | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $157.1M | ||
| Q3 25 | $4.3M | $29.9M | ||
| Q2 25 | $26.1M | $43.0M | ||
| Q1 25 | $1.1M | $89.0M | ||
| Q4 24 | $825.0K | $54.9M | ||
| Q3 24 | $828.0K | $37.3M | ||
| Q2 24 | $1.7M | $33.3M | ||
| Q1 24 | $1.1M | $28.0M |
| Q4 25 | $15.6M | $554.6M | ||
| Q3 25 | — | $581.7M | ||
| Q2 25 | — | $568.8M | ||
| Q1 25 | — | $577.4M | ||
| Q4 24 | $41.2M | $584.7M | ||
| Q3 24 | $10.3M | $647.0M | ||
| Q2 24 | $15.7M | $599.2M | ||
| Q1 24 | $15.1M | $602.5M |
| Q4 25 | $11.9M | $36.0M | ||
| Q3 25 | $9.2M | $-65.8M | ||
| Q2 25 | $414.0K | $-13.3M | ||
| Q1 25 | $-11.6M | $9.5M | ||
| Q4 24 | $-9.0M | $10.3M | ||
| Q3 24 | $-1.4M | $-48.7M | ||
| Q2 24 | $-44.7M | $-23.2M | ||
| Q1 24 | $-61.7M | $-94.6M |
| Q4 25 | $66.7M | $1.8B | ||
| Q3 25 | $66.8M | $1.7B | ||
| Q2 25 | $89.2M | $1.7B | ||
| Q1 25 | $56.7M | $1.7B | ||
| Q4 24 | $61.2M | $1.6B | ||
| Q3 24 | $66.5M | $1.6B | ||
| Q2 24 | $65.9M | $1.6B | ||
| Q1 24 | $67.8M | $1.5B |
| Q4 25 | 1.31× | 15.40× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 60.61× | ||
| Q4 24 | — | 56.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-4.3M | $164.4M |
| Free Cash FlowOCF − Capex | $-4.3M | — |
| FCF MarginFCF / Revenue | -66.0% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | — | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.3M | $164.4M | ||
| Q3 25 | $-13.3M | $19.8M | ||
| Q2 25 | $-7.9M | $-27.0M | ||
| Q1 25 | $945.0K | $56.8M | ||
| Q4 24 | $-3.8M | $112.9M | ||
| Q3 24 | $-2.4M | $-27.4M | ||
| Q2 24 | $-2.6M | $212.0K | ||
| Q1 24 | $-3.8M | $5.8M |
| Q4 25 | $-4.3M | — | ||
| Q3 25 | $-13.4M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $853.0K | — | ||
| Q4 24 | $-3.8M | — | ||
| Q3 24 | $-2.4M | — | ||
| Q2 24 | $-2.6M | — | ||
| Q1 24 | $-3.8M | — |
| Q4 25 | -66.0% | — | ||
| Q3 25 | -329.6% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 49.9% | — | ||
| Q4 24 | -278.7% | — | ||
| Q3 24 | -114.9% | — | ||
| Q2 24 | -145.6% | — | ||
| Q1 24 | -248.8% | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 1.0% | — | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 5.4% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.3% | — |
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.31× | — | ||
| Q1 25 | — | 7.07× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | -0.06× | — | ||
| Q2 24 | -0.33× | 0.00× | ||
| Q1 24 | -0.03× | 2.08× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FBYD
Segment breakdown not available.
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
